3 August 2022
JC Priestley
Via: [FYI request #19841 email]
Kia ora Mr Priestley,
Thank you for your information request.
The primary purpose of the UK recruitment trip was to enable the FMA to access a larger pool of
suitably qualified candidates for key positions. This is important given the FMA’s growing need for
specialist skills and regulatory experience in response to our expanding mandate. The FMA expects
to need to employ an additional 100 staff over the next four years to deliver our expanded remit.
This imminent period of change and growth combined with turnover and labour market challenges,
has resulted in the need to look globally and adopt a more proactive and targeted recruitment
practice. While our priority focus is the New Zealand labour market, given the limited supply
availability and strong demand for specialist skills, we are looking to supplement our local talent with
targeted international recruitment. The UK is an exceptionally strong market to source the skills and
experience we need.
In addition to the successful UK recruitment initiative, we also used the opportunity to engage with
our UK regulatory counterparts. Our regulatory engagement was highly beneficial to understand shifts
in strategic thinking on conduct regulation and outcomes, along with how our regulatory counterparts
are navigating current issues and transformation projects. We engaged with the UK Financial Conduct
Authority, Bank of England, UK Financial Ombudsman Scheme, and the UK Money and Pension
Service.
We respond to your specific questions copied below, by releasing the following information you have
sought under the Official Information Act.
How many FMA staff and contractors attended the recent UK trip and their job titles
4 staff attended, no contractors attended, as follows:
• Director of Banking and Insurance Conduct
• Executive Manager - Office of the Chief Executive
• Head of Talent Attraction and Culture
• Chief Executive (The CE self-funded her travel and accommodation.)
The class of travel and airfare cost of each staff member
• Director of Banking and Insurance Conduct - $11,583 exc GST, Premium Economy one way,
Business Class other way
• Executive Manager - Office of the Chief Executive - $14,459 exc GST, Business Class
• Head of Talent Attraction and Culture - $15,126 exc GST, Business Class
• Chief Executive – self-funded at no cost to the FMA
2
The total accommodation cost per staff member
• Director of Banking and Insurance Conduct - $7,112 inc local taxes
• Executive Manager - Office of the Chief Executive - $7,383 inc local taxes
• Head of Talent Attraction and Culture - $5,298 inc local taxes
• Chief Executive - self-funded at no cost to the FMA
How many recruitment interviews with UK-based candidates who attended the recruitment event
have taken place so far and how many are you planning for in the rest of 2022
The event referred to was not specifically framed as a recruitment event, but more generally as a
networking event to build important connections between NZ and UK financial markets professionals.
To assist the FMA’s UK recruitment, the event was also an important opportunity for potential
candidates and their partners (where relevant) to hear about changes to our regulatory landscape,
meet informally with FMA staff, and ask questions about the FMA and New Zealand. We were also
able to invite other important contacts, to help raise the FMA’s profile and support building our
pipeline of talent.
The FMA team met with 51 pre-screened and qualified candidates in total while in the UK, comprising
28 interviews and 23 meet and greets. FMA will maintain contact with suitable candidates, with the
intention that they will be considered as relevant vacant positions arise.
A copy of the business case for the travel
We attach a copy of the memorandum to the FMA CE seeking authorisation for the campaign. This
encompasses the business case. The authorisation was granted.
You will see we have redacted small parts of the memorandum.
• We have redacted two comments on the basis of section 9(2)(g) of the OIA to maintain the ongoing
effective conduct of the FMA by supporting continued frank briefings on proposals.
• We have redacted the breakdown of estimated costs on the basis of section 9(2)(b)(ii) of the OIA
to avoid prejudice to the commercial position of the FMA, or the suppliers, in any future
negotiations.
• We have removed small extracts that did not relate to the business case for the travel for the UK
recruitment trip.
Please let us know if you have any questions about our OIA assessment. We note that you also have
the right to complain to the Ombudsman regarding our assessment, in accordance with section 28 of
the OIA. Information about how to make a complaint is available at www.ombudsman.parliament.nz
or phone 0800 802 602
Yours sincerely
Natalie Muir
Principal Adviser, Governance
